Zim News Blog -NEWS NETWORK

Source: Congress date divides MDC – NewsDay Zimbabwe February 22, 2019

BY RICHARD CHIDZA

THE opposition MDC led by Nelson Chamisa is likely to hold its congress in October after a national standing committee meeting held on Wednesday failed to come up with a date, NewsDay has learnt.

Sources who attended the meeting said there were heated exchanges during the meeting over the interpretation of the party’s constitution.

But Chamisa told his lieutenants that he would have the final word.

Chamisa reportedly clashed with party secretary-general, Douglas Mwonzora after the latter recused himself from indicating which date he preferred congress to be held.

“It was a heated meeting. Chamisa asked everyone to give a date on which the congress should be held, but Mwonzora refused probably feeling he had been waylaid. Chamisa probably wanted to gauge his adversaries’ preparedness and was angered by Mwonzora’s response,” a source said.

“He (Chamisa) was not amused. He accused Mwonzora of ‘trying to be clever and half’. Chamisa’s supporters in the meeting preferred August while others want it in October. In the end, there was no consensus and Chamisa said he would have the final
say.”

Chamisa controversially rose to power last February railroading the party’s national council into endorsing him as successor after founding leader, Morgan Tsvangirai passed away in South Africa.

Tsvangirai’s death triggered an internal power struggle that resulted in then co-vice-president Thokozani Khupe breaking away, while another vice-president, Elias Mudzuri and Mwonzora stayed on. They are reportedly plotting to challenge Chamisa at congress.

Another source, however, said Chamisa had given everyone a chance to give their interpretation of the constitutional provisions.

“Chamisa asked everyone to read the constitution and give their interpretation of when the congress should be held. Our constitution says congress must be held every five years, but a special congress can be held in the event of a vacancy in the office of the president before his or her term expires.

“While we all know that Chamisa was endorsed by the national council to take over as substantive leader, it is important to note that it would be unhygienic to hold an extra-ordinary congress in the same year as a congress proper,” NewsDay heard.

“The president is actually right. He could call for an extra-ordinary congress today, get elected and then refuse to have his position contested in October. The fifth year for us began in November last year and anytime from then we could have held our congress. It’s just a matter of logistics.”

Party spokesperson Jacob Mafume confirmed that the standing committee discussed the issue of political dialogue, congress and the situation in the country.

“It was an open meeting in which people were allowed to air their views regarding congress. While we do not have a specific date yet, most agreed that we will have it in October. What is left are logistics and, in any case, our structures will have to begin this process soon,” Mafume said.

Mwonzora refused to comment on the claims of an altercation between him and Chamisa.

“The national standing committee is a private meeting whose discussions are the preserve of members of the party,” he said.

The post Congress date divides MDC – NewsDay Zimbabwe appeared first on Zimbabwe Situation.

Source: NetOne board speaks on Muchenje return | The Herald February 22, 2019

Mr Lazarus Muchenje

Africa Moyo Senior Business Reporter
NETONE Cellular board chairman James Mutizwa says the company is pleased that a solution regarding the status of chief executive officer, Lazarus Muchenje, has been found, and is expecting him to continue the turnaround efforts that saw the parastatal recording its first month-on-month profit during his reign.

Mr Muchenje, who was suspended in August last year for alleged “gross misconduct” relating to how he handled expired contracts for nine senior managers, has since bounced back at the State-owned enterprise.

Mr Mutizwa told The Herald Business on Wednesday that they are now hoping that the conclusion of Mr Muchenje’s issue brings smiles to the company, and are now hoping that he will continue to steer the company to profitability.

“We are delighted at NetOne to have brought closure to the CEO matter that had subsisted over the past seven months.

“The expectation from the board is that NetOne will continue with its positive trajectory and should provide a return to the shareholder,” said Mr Mutizwa

The decision to bring him back was made by the recently appointed five-member board. It is unclear what the board considered before settling on bringing back Mr Muchenje. Apart from prominent lawyer Mr Mutizwa, the new NetOne board also consists of Miss Susan Muchaneta Mutangadura, the deputy chairperson; Mr Winston Makamure; Mr Mathias Rangarirai Mavhunga and Mr Paradzai Mutandwa Chakona.

Mr Muchenje is famed for dragging NetOne out of the mud in 2018, turning it into a profit-making enterprise. NetOne declared its first month-on-month profit last year.

NetOne is yet to release its financial results for the year 2018. However, the business recorded a loss of $57,8 million for the year ended December 31, 2017, which was largely attributed to legacy issues that weighed down the company’s performance.

After assuming leadership of NetOne last year, Mr Muchenje started an aggressive approach to increase revenue through a network expansion drive and cost containment measures.

The actions resulted in NetOne’s mobile financial arm, OneMoney, increasing its active subscriber base, backed by increased network coverage throughout the country.

In line with its mission that speaks to transforming lives and developing communities through communication solutions, NetOne commissioned several base stations in previously marginalised areas and embarked on aggressive corporate social responsibility initiatives.

Mr Muchenje, seen by technology experts as a turnaround strategist, is famed for dragging NetOne out of the woods in 2018.

He transformed the enterprise from being a loss-making firm to a profitable after declaring its first month-on-month profit during the year.

He is a chartered accountant by profession who has previously held the positions of group CEO at Intarget Group, FirstRand Bank Celpay International BV; executive head of sales (Vodacom SA); head of wireless application, sales and marketing director (Vodacom DRC) and founding finance director (Vodacom DRC).

The post NetOne board speaks on Muchenje return  appeared first on Zimbabwe Situation.

Source: Black market pacified | Herald (Top Stories)

Zvamaida Murwira Senior Reporter
Parallel market rates remained stable yesterday following the decision by Reserve Bank of Zimbabwe Governor, Dr John Mangudya to liberalise the United States dollar exchange rate against Real Time Gross Settlement balances.

The containment of the parallel market rate has been described by economic analysts as a sign of confidence to the monetary policy measures introduced by the central bank.

A survey by The Herald yesterday showed that the black market rate of the US was stable as it hovered around 1:3.5 bond notes which is the figure that was prevailing before the announcement of Monetary Policy Statement on Wednesday.

The black market, however, maintained a two tier rate of the US dollar to the bond note with EcoCash transfers pegged at 1:3.8.

In an interview yesterday, Labour and Economic Development Research Institute of Zimbabwe director Dr Godfrey Kanyenze said the black market rate should fall gradually because what the central bank did was what industry had been calling for.

“The release of the exchange rate is what the market has always been pushing. The parallel market rate should fall, but that will only happen if Government manages to secure enough lines of credit to back up the RTGS dollar. You will realise that there is a lot of demand of the US dollar to carry out various activities,” said Dr Kanyenze.

“We have to state that falling of the parallel market is achievable, but it depends on the availability of adequate lines of credit so that we have reserves.”

University of Zimbabwe Economics Department chairperson, Professor Albert Makochekanwa said the black market rate will ultimately fall should banks be allowed to trade in forex as announced by the central bank.

“Of course it might be too early now, but definitely that decision by the central bank will see black market rates tumbling,” said Prof Makochekanwa.

Several foreign exchange traders in the black market said business was low as the market anticipated how the policy measures by Dr Mangudya would unfold.

“Business was low today, maybe the reason is that it was a holiday. It could also be as a result of the anticipation by the market to see the measures by the central bank coming into effect,” said Mr Marvellous Makunike.

Industrialists and market watchers have hailed the Monetary Policy Statement presented by Dr Mangudya, saying it will kill the foreign currency parallel market and help increase production.

The post Black market pacified appeared first on Zimbabwe Situation.

Source: Chrome producers feel the heat | The Herald February 22, 2019

Munyaradzi Musiiwa Midlands Correspondent
Local ferrochrome producers are starting to feel the heat over plummeting global chrome prices that are likely to affect their viability with far reaching implications on the economy.

According to the producers, Global markets for ferrochrome and chrome ore have taken a downturn and 2019 is forecast to have depressed market conditions largely due to some imbalance in supply versus demand as well as uncertainties associated with global trade wars and changing economic dynamics of the key stainless steel producing countries.

The local producers have also accused big international players of suffocating African economies by dropping the prices of chrome so as to frustrate developing countries.

In an interview, Zimbabwe Mining and Smelting Company (Zimasco) General Manager Marketing, Ms Clara Sadomba said depressed market conditions are adversely affecting production at the country’s major ferrochrome and chrome ore producers.

She said Zimasco which is operating at 80 percent capacity is making significant strides in the industry is making frantic efforts to stay afloat in the wake of plummeting global ferrochrome and chrome ore prices.

“Global markets for ferrochrome and chrome ore have taken a downturn and 2019 is forecast to have depressed market conditions largely due to some imbalance in supply versus demand as well as uncertainties associated with global trade wars and changing economic dynamics of the key stainless steel producing countries.

The post Chrome producers feel the heat appeared first on Zimbabwe Situation.

A FAMILY from Silobela has been plunged into mourning following the mysterious death of one of its members a day after a human head was discovered at their homestead. Things got terrible for the Mguqukas who were still trying to come to terms with a human head that was discovered at their homestead a day […]